VIRGINIA: OPTIONAL LIFE RATES

VIRGINIA: OPTIONAL LIFE RATES

VRS has announced new optional life rates that are effective July 1, 2013, for three of the eleven age brackets. ?_Rates for the three age brackets will decrease; there are no changes to dependent child rates. ?_We will be updating the payroll resource that produces the ANNUAL VRS OLIP COST table in the upcoming programs release (scheduled for June 28). ?_Click the title of this article for instructions to manually change the table. If you have questions about whether these new rates affect your accrual payrolls, please contact VRS for clarification.
Access the ANNUAL VRS OLIP COST table (from Setup, Define Tables) and change Title 2 of the table from 07/01/2011 Annualized Rates to 07/01/2013 Annualized Rates. The rates in this table are annualized rates (monthly rates provided by VRS multiplied by 12). ?_Then change the Rate for
Age bracket 35 from .96 to .84
Age bracket 50 from 2.52 to 2.40
Age bracket 55 from 4.80 to 4.08

With programs that were compiled and released 06/27/2013 for OpenRDA/Xpert, the table can be automatically updated. ?_From Update Payroll?_(via Version Control for OpenRDA; Programs Update Menu for Xpert), highlight and then select resource number 50, labeled Create Standard Tax Tables. This will cause the ANNUAL VRS OLIP COST table to automatically update with the above rate changes; Title 2 of the table will also automatically change to reflect 07/01/2013 Annualized Rates.

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